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Andreu Mas-Colell has been doing pioneering work using differential topology in the analysis of general equilibrium. This work is regarded as outstanding and one of the major contributions to the development of rigorous economic theory in the last twenty years. The articles he has written have been difficult and technically demanding. In this book he brings this work together to show its scope and its power. He presents the analysis in a way which makes it accessible to the broader range of economic theorists and advanced students. This book has been long awaited as a seminal contribution to the subject

The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production.Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary.The General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.

Cover -- Half-Title -- Title -- Copyright -- Description -- Contents -- Preface -- Acknowledgement -- Part I: The Equilibrium Principle:A Natural Dynamic State -- Chapter 1: What Happens There Matters Here -- Chapter 2: It's the Global Economy -- Chapter 3: Politics and the Economy -- Part II: GDP and Consumption -- Chapter 4: GDP: The Perfectly Imperfect Measurement -- Chapter 5: Consumers and Consumption: Follow the Money -- Chapter 6: Shifting Sands: Consumers Prefer Services -- Chapter 7: Great Expectations -- Chapter 8: Saving and Investing: Equilibrium at Work -- Chapter 9: Real Estate: Is It Still Location, Location, Location? -- Chapter 10: Lighten Up: Capital Expenditure and Intellectual Property -- Chapter 11: Inventories: The Buffer Between Production and Consumption -- Chapter 12: State and Local Governments: Where Spending Gets Done -- Chapter 13: Stabilization and Procyclicality: How Governments Balance Spending With Taxes -- Chapter 14: Federal Spending: Budgets and Deficit Spending -- Chapter 15: Jimmy Stewart, Oz, and the Road to a Federal Reserve -- Chapter 16: The Stop Sign (or Toll Booth) at the Border: Trade and Tariffs -- Chapter 17: The Compensation Principle: Should We Pay the Losers? -- Chapter 18: Domestic Imbalance: A Role for Trade Balances -- Chapter 19: As the World Turns -- Part III: The Economy and You -- Chapter 20: COVID-19: How the Pandemic Changed Business -- Chapter 21: Climate Change: "Is It Hot in Here or Is It Me?" (Joan of Arc) -- Chapter 22: Health Care Costs: A Steady Climb -- Chapter 23: First Fridays: Monthly Job Reports -- Chapter 24: A Shrinking Workforce: Jobs and Work in the Twenty-First Century -- Chapter 25: Wages: Minimum and More -- Chapter 26: Measuring Prices: How Much Is a Dollar? -- Chapter 27: Productivity and Wages: What We Make for What We Earn.

Dynamic stochastic general equilibrium (DSGE) models have begun to dominate the field of macroeconomic theory and policy-making. These models describe the evolution of macroeconomic activity as a recursive sequence of outcomes based upon the optimal decision rules of rational households, firms and policy-makers. Whilst posing a micro-founded dynamic optimisation problem for agents under uncertainty, such models have been shown to be both analytically tractable and sufficiently rich for meaningful policy analysis in a wide class of macroeconomic problems, for example, monetary and fiscal policy, economic cycles and growth and capital flows. This volume collects specially commissioned papers from leading researchers, which pull together some of the key results in diverse areas. This book will promote research using optimising models and inform researchers, post-graduate students and economists in policy-oriented organisations of some of the key findings and policy implications.

Tanzania's real effective exchange rate (REER) has depreciated sharply since end-2000, reversing the appreciation that took place in the second half of the 1990s. Single-country and panel data estimates, and the external sustainability approach, suggest that Tanzania's REER is currently modestly undervalued relative to its estimated equilibrium level. Looking forward, a modest trend appreciation of the equilibrium REER is expected, consistent with continued high GDP growth and an expected recovery in terms of trade. In addition, capital inflows to Tanzania could be significantly higher than cu

Building from the micro-foundations of economic behaviour to a full survey of macroeconomics, the book examines growth theory and equilibrium and disequilibrium approaches to provide a comprehensive survey of all the rival theoretical approaches that underlie central policy debates. A survey of pre-Keynesian theories of growth, fluctuations and the various short and long cycles and crises is followed by an exposition of Keynesian theory and its subsequent development and of the neo-classical revival. Topics covered include: * Non-clearing markets * Involuntary unemployment * Persi

This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DSGE model and then gradually extends the basic framework incorporating a var